(TODAY) China's yuan trades big in Singapore

SINGAPORE - Foreign exchange trading of the Chinese yuan is taking on in a big way in Singapore. Total yuan trade in Singapore swelled to S$428 billion this year, a 10-fold jump from last year. "We have good financial infrastructure," said UOB senior economist Alvin Liew. "If you look at it from a geographical perspective, Singapore would likely serve well in the Asian time zone especially for South-east Asia and South Asia markets." Capital controls in China have been a stumbling block for foreign investors to gain access to the yuan. But in 2009, China began allowing its currency to be used to settle international trade through a scheme involving several Chinese cities along with Hong Kong, Macau and some South-east Asian countries, including Singapore. "(China) has basically entered into all these swap agreements with various central banks in the world. They definitely ...